UK and Cyprus Strike Landmark Deal to Halt Russian Dirty Money…reports Asian Lite News
The UK and Cyprus have forged a groundbreaking partnership to combat Russian dirty money and serious organised crime, with Prime Minister Keir Starmer and Cypriot President Nikos Christodoulides unveiling plans for a new National Sanctions Implementation Unit during Starmer’s visit to the Republic of Cyprus.
This visit marks the first bilateral trip by a UK Prime Minister to Cyprus in over 50 years, underscoring the growing importance of the relationship between the two nations.
The National Sanctions Implementation Unit, a cornerstone of the new partnership, will bolster efforts to disrupt and intercept the flow of illicit Russian money across Europe. The unit will combine expertise from the UK’s Office of Financial Sanctions Implementation and Office of Trade Sanctions Implementation with the Cypriot Ministry of Finance.
The initiative aims to ensure the effectiveness of sanctions targeting Russian President Vladimir Putin’s regime and its war in Ukraine. Cutting-edge analytical tools and investigative powers will be deployed to detect sanctions evasion and track suspicious funds across the continent.
“This government is delivering on our Plan for Change, which is built on strong foundations, including our national security,” said Prime Minister Starmer. “Together with the Republic of Cyprus, we are stemming the flow of illicit finance through Europe to starve Putin’s war machine and protect global stability.”
The partnership extends beyond sanctions enforcement, focusing on tackling serious organised crime. The UK will collaborate with Cyprus to enhance transparency by improving the registration of beneficial owners of assets, a key step in exposing illicit financial activities.
Starting next year, the UK’s National Crime Agency will roll out financial crime training programs for Cypriot law enforcement. HMRC will also provide training to customs officers in Cyprus to improve risk profiling and investigation techniques, specifically targeting the illicit tobacco trade. This initiative aims to disrupt smuggling routes and reduce the flow of illegal tobacco into the UK, supporting the government’s safer streets mission.
Cyprus has already frozen £1.5 billion in Russian assets since Russia’s full-scale invasion of Ukraine, contributing significantly to international efforts to weaken Russia’s war capabilities.
In July, President Christodoulides’ government joined the UK-led Shadow Fleet Initiative, aimed at intercepting ships involved in illegal activities such as sanction evasion and environmental regulation breaches. The initiative, which now includes 46 countries and the EU, is part of a broader strategy to counteract Russia’s economic maneuvers.
Prime Minister Starmer’s visit to the Commonwealth nation is the first of its kind since Edward Heath’s bilateral trip in 1971, with John Major’s 1993 visit tied to the Commonwealth Heads of Government Meeting.
This historic trip underscores the strengthening ties between the UK and Cyprus and highlights a shared commitment to combating financial crime, upholding global stability, and addressing the challenges posed by Russian aggression.
As the UK and Cyprus take a united stand, the new agreement sets a precedent for international cooperation in safeguarding security and economic integrity in an increasingly volatile world.
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